Cadence Minerals Plc (LON:KNDC) said sampling on the Tisová cobalt, copper and gold project in the Czech Republic had returned significant grades of the metals.
It returned 0.68% cobalt, 3.7 grams per tonne of gold and 3.5% copper.
Tisová is owned by Auroch Minerals, in which Cadence has a 7.7% stake.
Auroch reckons it holds “first mover advantage” developing a bulk tonnage cobalt deposit in the heart of one of Europe’s major industrial regions.
Historically, just under 30,000 metres of surface drilling has taken place at Tisová along with 14,300 metres of underground exploration work.
There’s around 30 kilometres of existing underground mine infrastructure, which Auroch reckons will be a “significantly advantage” when it comes to investment spend developing a mine.
A 3D model of the historic underground development of the ore body to identify potential cobalt zones is expected to be completed by the middle of this month.
An initial 5,500m 12-hole drilling programme at the historic Tisová Mine is slated to commence in September.